LBAY vs. BTAL
LBAY (Leatherback Long/Short Alternative Yield ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, LBAY returned 4.68%/yr vs -5.21%/yr for BTAL. At a correlation of -0.04, they often move in opposite directions. LBAY charges 1.09%/yr vs 1.40%/yr for BTAL.
Performance
LBAY vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 3.90% return, which is significantly higher than BTAL's -21.75% return.
LBAY
- 1D
- 0.94%
- 1M
- -3.88%
- YTD
- 3.90%
- 6M
- 4.36%
- 1Y
- 4.26%
- 3Y*
- 2.12%
- 5Y*
- 4.68%
- 10Y*
- —
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
LBAY vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -5.26% |
Correlation
The correlation between LBAY and BTAL is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | -0.04 |
The correlation between LBAY and BTAL shifts across timeframes, from -0.04 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. BTAL — Risk / Return Rank
LBAY
BTAL
LBAY vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LBAY | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.74 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | -0.98 | +1.29 |
| Martin ratioReturn relative to average drawdown | 0.80 | -1.85 | +2.65 |
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Drawdowns
LBAY vs. BTAL - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for LBAY and BTAL.
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Drawdown Indicators
| LBAY | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -52.70% | +36.71% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -37.81% | +24.20% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -47.83% | +33.26% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -47.83% | +31.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -12.80% | -51.23% | +38.43% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -22.05% | +15.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 21.21% | -15.88% |
Volatility
LBAY vs. BTAL - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 4.22%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.28%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 9.28% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 16.73% | -4.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 22.83% | -7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 19.10% | -5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 17.36% | -3.60% |
LBAY vs. BTAL - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
LBAY vs. BTAL - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.89%, more than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.89% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% |
Frequently Asked Questions
LBAY and BTAL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.28%) compared to LBAY (4.22%). In terms of maximum drawdown, LBAY dropped -15.99% vs BTAL's -52.70%.
On 5-year performance, LBAY leads with 4.68% vs -5.21% for BTAL. On fees, LBAY is cheaper at 1.09% per year. On volatility, LBAY has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LBAY has performed better with a 4.68% return vs -5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LBAY is cheaper with a 1.09% expense ratio, compared with 1.40% for BTAL.
LBAY has the higher dividend yield at 3.89%, compared with 3.18% for BTAL.
LBAY is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Toroso Investments and AGF. Their fees differ too: 1.09% for LBAY and 1.40% for BTAL.
LBAY currently has the higher Sharpe Ratio (0.27 vs -1.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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